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Credit Rating: How it works and How to improve it discussion area
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Hi All,
About 1 – 2 years ago I missed a lot of payments on a credit card (I thought it was setup for DD… I wasn’t..) This resulted in a collection agency getting involved and I was forced to pay x amount for a month for a year to pay off the card in full, I have recently just finished paying this off. I also have another visa which I have never missed a payment on but only pay min amount (this one IS dd) In the past I have had a bank loan which I paid off before the term (so I paid if off early)
I have been living at my address for less then a year but I am on the electoral roll there
I would now like to apply for a 0% balance transfer account just so I can start paying off my other card as I only seem to be paying off interest.
Do I realistically stand any chance got getting a new credit card?
Also does having a collection agency reclaiming credit on behalf of a bank cause me long-term problems?
Thanks0 -
I had perfect credit until I found out last month that 3 mobile was sending a £20 bill for an old phone to my old address. They sent multiple letters and bills but of course I wasn't getting them as I don't live there, and now they've put multiple strikes on my credit rating! I've since paid the bill but tried phoning them to sort this out but their reps are not helpful. What do I do to amend this?
Thank you!!!0 -
Thank Alx B,
Well equifax have my rating as "Good" but then under "Credit Agreement" It has "Danger" That cant be good right ? Which of the 2 would Credit card compaines look at?
Thanks AgainFirst thing to do, if you haven't already, is get in touch with the main credit checking agencies and get copies of their files on you.
To be honest, from what you say I'd guess you might have a hard time picking up a card with any kind of decent offer on it, but you'll have a better idea of what the score is once you've checked your credit report.
Good Luck!0 -
Have just carried out credit checks through "check my file" .....and discovered that according to one of the credit checking companies, we are "severely in arrears" with a mortgage that was repaid when we remortgaged about five years ago! How do I rectify this situation, please?0
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Have just carried out credit checks through "check my file" .....and discovered that according to one of the credit checking companies, we are "severely in arrears" with a mortgage that was repaid when we remortgaged about five years ago! How do I rectify this situation, please?
Your first port of call should be to contact the lender that you had the mortgage with/ If it is an error at their end they should correc t the adverse history.
If you get nowhere with them alone, get the CRA On the case who can liase between the two.Got Halifax Classic to reduce my interest rate by 5% woohoo - 10/06/08 Thanks MSE!
Another 3% shaved off 10/12/08
ANOTHER 4 % June 09:beer:0 -
I missed a payment in sept this year i actually thought i had made the mininum payment but appears that i didnt.
16/09 OVERLIMIT FEE12.00
16/09 LATE FEE12.00
16/09 INTEREST0.40
16/09 INTEREST12.35
19/09 PAYMENT REC'D - THANK YOU-250.00
08/10 PAYMENT REC'D - THANK YOU-328.01
So i made the payment 3 days later, and the next payment after that, how long will this missed payment go against me?? i remember that halifax payment systems being down around that time, is there anything i can do to get that strike taken away, i had never missed a cc payment up until then, and when tried to extend my overdraft last month i got declined reason being a missed a cc payment and was told to try again next month.
I cant get my credit report for free from experian as i joined up a few years back, so i may have to send off £2 to get my report.
Is there anything i can do to get that strike taken off my account???0 -
I missed a payment in Sept this year. I actually thought i had made the minimum payment but appears that i didn't. So i made the payment 3 days later and the next payment after that. I remember Halifax payment systems being down around that time. Is there anything i can do to get that strike taken away, i had never missed a cc payment up until then and when tried to extend my overdraft last month i got declined reason being a missed a cc payment and was told to try again next month. Is there anything i can do to get that strike taken off my account?
We do not have the right to have information removed if it is correct, but you can ask the credit reference agencies to put a notice of correction on file explaining why you think information is misleading. This notice will then be seen by banks, mobile phone companies etc, when you apply for credit.
Most credit decisions are made by automatic means (i.e. computer). If there is a notice of correction on your report, your applications for credit will take longer to process because they have to be referred for a manual decision (i.e. a person will decide whether or not you can get credit)
Missed payments can trash your credit rating for years, but a single late payment is of no consequence.When I tried to extend my overdraft I got declined .. I was told to try again next month.
Well, that answers your question about how long you'll be affected.
For tips to improve your chances, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article which triggered this thread
http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improvePeople who don't know their rights, don't actually have those rights.0 -
Can anyone tell me whether or not an anti-money laundering credit file search for a savings account application would affect my credit score? Thanks.0
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moneysavingplumber wrote: »Can anyone tell me whether or not an anti-money laundering credit file search for a savings account application would affect my credit score?
It neither helps nor harms your credit scorePeople who don't know their rights, don't actually have those rights.0 -
Hi,
I only just recently got sent a Natwest Service 100 card after waiting with a Solo card for ahbout 6 months (prviously HSBC had dicked me about with empty promises for a year or two).
I really want to satrt improving my credit score and having read all the stuff on MSE about improving my credit score I think the logical step is getting one of those 30% interest credit cards. Does anyone know which one would be the easiest to get? I don't wan't to have to apply for more than one, two tops as the more credit score checks they do the more of an adverse effect they have on this precious commodity.
Can anyone help?
Cheers0
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